05 Dec Variable Rate Mortgage update – December 2014
The Bank of Canada left rates unchanged this morning, so no impact on the variable rates. The following is a link to the full press release: http://www.bankofcanada.ca/2014/12/fad-press-release-2014-12-03/
While both the Canadian and US economies are showing signs of growth, inflation is still within the target range, largely being held in check by the lower price of oil and other commodities. Past releases indicated no rate increases until 2016. Some experts have forecasted we may see an increase in the last quarter of 2015, however, there is no commentary in this latest press release to confirm that. I continue to recommend staying with the variable rate indefinitely.
The next announcement is scheduled for January 21st, 2015. As always, we will continue to monitor the rate markets and keep you updated.
Thanks, have a great weekend and when Friday or Saturday night get funky play this!